Case study: administrative error remediation

CHALLENGE

A large defined benefit superannuation fund encountered a wide range of systemic data and administrative errors in the calculation of member benefits. This resulted in incorrect disclosure to members, calculation of investment earnings, regulatory breaches, and in some instances payment of benefits. QMV was engaged to guide and assist in the identification, management and remediation of the errors at a fund and member level.

SOLUTION

QMV partnered with the fund to develop and implement processes and systems to provide greater visibility to the breadth, scale, and impact of the issues. QMV also assisted in the analysis and remediation of member accounts, and recovery of any damages from service providers and professional indemnity insurance.

RESULT

The fund was able to remedy the member accounts, recover financial losses and uplift the ongoing control environment for data risk. .